TVS Motor Company Limited , through its wholly owned subsidiary TVS Motor (Singapore) Pte. Ltd and step-down wholly owned subsidiary TVS EBike Company AG, has entered into asset transfer agreements with Callista Asset Management 33 GmbH on May 14, 2026. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Transaction Overview

The asset transfer agreements record the arrangement for the proposed transfer of certain assets and liabilities owned by TVS EBike Company AG to Callista Asset Management 33 GmbH or any of its affiliates. The key details of the transaction are summarised below:

About the Parties Involved

The seller, TVS EBike Company AG, is a company incorporated under the laws of Switzerland, bearing identification number CHE-465.238.081, with its registered seat at Thurgauerstrasse 136, 8152 Glatt park (Opfikon). The buyer, Callista Asset Management 33 GmbH, is a company incorporated under the laws of Germany, with its registered seat at Steinstraße 48, 81667 Munich, Germany. Callista AMG was incorporated in April 2025, and during the period April 24, 2025, to December 31, 2025, it recorded a revenue of EUR 44.290,00. Callista AMG does not belong to the promoter, promoter group, or group companies of TVS Motor Company Limited.

TVS EBike's Financial Profile and Business Operations

TVS EBike's financial metrics for the calendar year 2025 are presented below:

TVS EBike operates a retail network in Switzerland under the m-way brand, while also managing B2B sales across Europe and the UK. The company designs, develops, and markets ebikes under a portfolio of owned brands:

• Cilo
• Simpel
• Allegro
• EGO Movement
• EBCO

Each brand offers distinct identities, high-quality engineering, and a focus on premium riding experiences.

Rationale and Nature of Transaction

The proposed transaction is not a slump sale but a transfer of certain assets and liabilities owned by TVS EBike. The board of directors of TVS EBike decided to proceed with the sale in light of evolving market conditions. The transaction falls outside the scope of a Scheme of Arrangement under Regulation 37A of the SEBI Listing Regulations, making that provision not applicable. There will be no change in the shareholding pattern of TVS Motor Company Limited as a result of this transaction.

TVS Motor Company announced its audited financial results for the year ended March 31, 2026, reporting record revenue and robust electric vehicle sales growth. The company achieved its highest-ever revenue of ₹47,270 crore, registering a growth of 30% compared to ₹36,251 crore in the previous fiscal year. Electric vehicle sales grew by 33% to 3.71 lakh units for the full year, while three-wheeler sales surged by 63% to 2.19 lakh units. Total two and three-wheeler sales reached 58.89 lakh units, a 24% increase over the 47.44 lakh units sold in the preceding year. TVS Motor now has more than 9 lakh EV customers. Following the announcement, the audio recording of the conference call with analysts and fund houses has been made available on the company's website.

Financial Performance FY 2025-26

Operating EBITDA for the year stood at 12.9%, an improvement of 60 basis points over the prior year's 12.3%. The company's Operating PBT grew by 40% to ₹4,975 crore, up from ₹3,563 crore in FY25. The board declared an interim dividend of ₹12 per equity share, involving an aggregate payout of ₹570 crore. Additionally, the company allotted four fully paid bonus Non-Convertible Redeemable Preference Shares (NCRPS) of ₹10 each for every equity share held, amounting to ₹1,900 crore, with a maturity date of September 01, 2026. The following table summarises the key full-year financial metrics:

Sales Performance FY 2025-26

Across vehicle segments, TVS Motor recorded broad-based growth for the full year. Motorcycle sales grew by 24% to 27.13 lakh units, while scooter sales rose by 27% to 24.13 lakh units. Moped sales grew by 7% to 5.44 lakh units. The segment-wise breakdown is presented below:

Q4 FY26 Performance

In the quarter ended March 2026, TVS Motor recorded its highest-ever quarterly revenue of ₹12,808 crore. The operating EBITDA margin for the quarter stood at 13.1%, compared to a normalised EBITDA margin of 12.5% in Q4 FY25, representing a year-on-year improvement of 60 basis points. The normalised operating PBT for the quarter stood at ₹1,375 crore, a 47% increase over the normalised figure of ₹936 crore in the corresponding period of the previous year. Note: The full-year Production Linked Incentive (PLI) benefit of FY 2024-25 was recognised in Q4 FY25; accordingly, Q4 FY25 figures have been normalised to ensure comparability.

Sales Performance Q4 FY26

Total two-wheeler and three-wheeler sales including International Business grew by 28% to 15.60 lakh units in the quarter ended March 2026, against 12.16 lakh units in the corresponding quarter of the previous year. Electric vehicle sales in the quarter increased by 51% to 1.15 lakh units. The segment-wise quarterly sales are detailed below:

Analyst Views

Following the strong quarterly performance, leading brokerages have maintained their positive stance on TVS Motor. CLSA has retained an Outperform rating with a target price of ₹3,900, citing the Q4FY26 EBITDA margin beat at 13.1% and confidence in the company's ability to outperform high-single-digit industry growth through new product launches and strong demand in the scooter and electric two-wheeler segments. Management has indicated that commodity cost headwinds in the first half of FY27 are expected to be partly offset by price hikes, operating leverage, a better product mix, and cost-reduction initiatives.

Nomura has also maintained a Buy rating with a target price of ₹4,105, pointing to a strong domestic and export growth outlook driven by faster expansion in EVs and exports. The brokerage noted that operating leverage and a weaker INR are expected to offset cost pressures, supporting projected growth of 10% and 9% over FY27–28.